TRANSACT Program Highlight: Fraud and Security in Focus

Card-not-present fraud is set to result in $130 billion in losses between 2018 and 2023, according to Juniper Research. And 63 percent of American businesses said they experienced a jump in fraud via mobile channels, and 67 percent reported increase fraud attempts via online channels, finds IDology.

Juniper Research predicts payments companies will spend $10 billion by 2023 on advanced fraud prevention and detection technologies, more than any other industry in fighting fraud. While payments companies know the stakes for payments security, a merchant might not – a recent ControlScan study found 89 percent of small and medium business operators (SMBs) consider themselves to be at low or no risk of a data compromise. Only 10 percent considered themselves to be at medium risk, and 1 percent said they are at high risk.

TRANSACT, the world’s largest payments technology event, taking place April 30-May 2 at Mandalay Bay in Las Vegas, will bring innovative approaches to ensure security in the payments ecosystem to the forefront during the Risk, Fraud and Security Education Track, sponsored by ControlScan. Over 4,000 payments professionals from across the ecosystem will come to TRANSACT for three days of high-level networking, industry education and collaboration.

“The entire payments ecosystem has to be engaged and proactive in the fight against data breach and fraud,” said Chris Bucolo, VP of Market Strategy at ControlScan. “The Risk, Fraud and Security track at TRANSACT is a key opportunity for all stakeholders to learn about the current technologies and approaches that can help them effectively address today’s most difficult risk management scenarios.”

Sessions and speakers for the track include:

• Underwriting as a Foundation of Fraud Management
  • Essential to fraud management are robust and effective approaches to underwriting. As the payments industry evolves, core aspects of underwriting remain vital to reducing risk and managing fraud. This panel will consider the latest efforts to maintain robust approaches to underwriting to address and respond to industry and rule changes.
  • Speakers: Christian Chmiel, CEO, Web Shield; Matthew Parker, Principal, KYC SiteScan; Deana Rich, Vice President, MAC
• Why Chargebacks are no Longer a Cost of Doing Business
  • Ease of use technologies in ecommerce and banking have manifested in unintended financial consequences for the best of merchants. While some chargebacks are unavoidable, many are. This session will discuss the rise in chargebacks, and the importance of actively managing and preventing chargebacks with data analysis.
  • Speakers: Dominic Cirone, Vice President, EVO Payments; Suresh Dakshina, President, Chargeback Gurus; Chris Marchand, Vice President, Verifi; Mark Stansfield, President, Midigator
• Ecommerce: Online Merchants and New Markets
  • As merchants move to establish a presence in ecommerce, this raises additional issues tied to ensuring the challenges of fraud management in online space are effectively addressed. Moreover, as new ecommerce markets emerge in higher risk areas, the need to ensure tools and practices are in place to reduce risk, manage fraud, and address the unique security concerns of this space.
  • Speakers: Andrew Bigart, Partner, Venable; Dan Frechtling, President, G2 Web Services; Joe Pappano, Senior Vice President & General Manager, Gaming, Worldpay; Michael Reitblat, President, Forter
• Balancing Profitability, Compliance and Security in Payments
  • Competing in today’s payment industry involves moving fast to bring new technologies and service to markets. But what are the hidden costs and technology/security challenges of speed to market? For one, compliance and security missteps can eat into profits and even create a net-negative outcome with customers and the bottom line. This panel will focus on new aspects of security to drive profitability.
  • Speakers: Ryan Ahern, Payments Solutions Manager, Ingenico Group; Chris Bucolo, Vice President of Market Strategy, ControlScan; Chris Ziegler, Vice President of Product, TSYS.
• Identity and Authentication – Blurring the Lines
  • Explore what is happening with evolving identify verification approaches and authentication mechanisms such as biometrics and zero knowledge proof methods. These are changes in how the industry performs authentication to verify an individual. This panel will consider how advances in biometrics and other technologies will enable ease and greater means for authentication.
  • Speakers: Larry Brennan, Senior Vice President, Bank of America Merchant Services; Megan Heinze, President, Idemia; Nicole Jass, Vice President, Integrated Payments, Worldpay; Marie Mui, Senior Vice President, Wells Fargo Bank
• Machine Learning, Artificial Intelligence and the Next Evolution of Fraud Prevention
  • As businesses continue to evolve digitally, commerce is increasingly becoming the business of big data science. Fraudsters have elevated their game on payment fraud, and as a result, fraud solutions must be more sophisticated to keep pace with these challenges. This session will address how the application of machine learning has redefined previous strategies and tools in fraud management, as well as considering best practices for businesses to better utilize and leverage these new technologies.
  • Speakers: Soumya Chakrabarty, Discover; Mark Lawrence, Chief Information Officer, First American Payment Systems; Christopher Mascaro, General Manager, Research & Development, First Data; Michael Roche, Vice President, Elavon.

Secure your spot at TRANSACT to attend the Risk Fraud, and Security track on April 30, sponsored by ControlScan. Click here to register – and don’t delay! Early registration savings of $300 expire at midnight on March 15^th.

For a look at the full TRANSACT schedule, click here.